After a Bitcoin presentation to the Thai government aimed at
explaining how the crypto currency works, as well as its
benefits, the country’s authorities ruled that “…Bitcoin
activities are illegal in Thailand”.

A Bitcoin team was in Thailand to allay government doubts and to
get the currency legitimized in the country.

The verdict means that it’s illegal to use Bitcoins in
settlements within Thailand, as well as send it to or receive it
from any other country.

Introduced in 2009, the Bitcoin currency has recently seen
increased pressure on all fronts. The latest blow came from the US Securities and Exchange
Commission (SEC) in Texas that blamed the state’s Bitcoin
operator Trendon Shavers of McKinney for defrauding its clients
using a Ponzi scheme. Trendon Shavers promised its Bitcoin
investors a 7% interest per week. The SEC said the Texas operator
simply used money from new investors to pay out the promised
fortune to those already hooked, which represents a classical
Ponzi scheme.